PH breaks key support level


Parker-Hannifin (PH) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
PH breaks key support level
PH dominated by bears dragging the market lower throughout the day
PH breaks below 100-day moving average
PH closes lower for the 4th day in a row
PH ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 71% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, PH finished the week -2.61% lower at 168.00 after losing $2.99 (-1.75%) today on low volume. Today's closing price of 168.00 marks the lowest close since August 1st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 170.88, the market confirms its breakout through the previous session's low having traded $3.27 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for PH
Volatility

Friday's trading range was $2.44 (1.43%), that's slightly below last trading month's daily average range of $3.78. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.

Support/Resistance

Breaking below the key support level at 169.31 today, it is now likely to act as resistance going forward.

Trend

Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. Parker-Hannifin broke below the 100-day moving average at 168.73 today for the first time since February 5th.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Parker-Hannifin
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Gap Up TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

PH pushes through 20-day moving average

Aug 16, 2018
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